FRS is a Model for other states

http://www.tampabay.com/blogs/the-bu...-study/2166470


Florida Retirement System, the pension fund for hundreds of thousands of public employees, is a "model" for other states and it should be left alone. Sound and strong, it is threatened by the Legislature's contemplation of requiring new entrants to join defined contribution plans.

The Florida legislature should be a model for other states because it made the required payments to the FRS every year. Other states who's pensions are in trouble have skipped payments for many years or underpaid to spend money on other stuff while assuming the stock market will bail them out. They used phony accounting which understated pension liabilities at the expense of the retirees and the taxpayers but now the chickens have come home to roost.

As far as the management of the FRS pension fund, it could be run a lot better:

http://www.forbes.com/sites/rickferr...er-fire-again/

[Average Joe]

The Florida legislature should be a model for other states because it made the required payments to the FRS every year. Other states who's pensions are in trouble have skipped payments for many years or underpaid to spend money on other stuff while assuming the stock market will bail them out. They used phony accounting which understated pension liabilities at the expense of the retirees and the taxpayers but now the chickens have come home to roost.

As far as the management of the FRS pension fund, it could be run a lot better:

http://www.forbes.com/sites/rickferr...er-fire-again/

Your article is from 2011 ops:

Your article is from 2011 ops:

if you can't be 100% truthful/honest, you are in the wrong profession

Yes, and nothing has changed at the FRS management, it still runs the fund the same way. The article is 100% truthful and honest because it is based on facts. Billions of dollars thrown away in unnecessary fees. Doesn't that bother you?

[Average Joe]

Your article is from 2011 ops:

if you can't be 100% truthful/honest, you are in the wrong profession

Yes, and nothing has changed at the FRS management, it still runs the fund the same way. The article is 100% truthful and honest because it is based on facts. Billions of dollars thrown away in unnecessary fees. Doesn't that bother you?

For years FRSs has been one of the top retirement plans in the country. We are one of the few that is healthy and always has been.

The point of the Forbes article and the other investigative articles linked is that the FRS management is throwing away billions of dollars in fees to Wall Street firms, money which could be in FRS members' pockets. The FRS management is clearly taking care of its Wall Street friends, maybe even getting kickbacks. Does that bother anyone considering it is your money being pissed away?

http://bucks.blogs.nytimes.com/2013/...=blogs&hp&_r=1

10% of the Florida Retirement System's money is invested in hedge funds.